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Bankruptcy Puts Future of Game Crazy Stores in Jeopardy Again

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Movie Gallery, the rental company that also owns outlets Game Crazy and Hollywood Video, has just filed for chapter 11 bankruptcy for the second time in the past three years. As we reported in September of last year, nearly one-third of Game Crazy stores had previously been closed due to financial woes.

Industry Gamers reports that after this round of closures the chain will be down to only 250 remaining Game Crazy outlets. From the around 480 stores we estimated they had left in our prior story that would peg this reduction at something on the order of another 230 locations. The company also plans to shutter 760 of its rental outlets leaving 1,111 Movie Gallery and 545 Hollywood Video locations. Read more »

"Poor chaps near my house were always nice to me, and even sent out for a CE of Dragon Age when ..."
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EGM, 1UP Publisher Ziff Davis Files for Bankruptcy

Publishing house Ziff Davis Media announced today that it has filed for Chapter 11 bankruptcy due to mounting debt that now totals between $500 million and $1 billion.

Ziff Davis is the publisher of such well-known gaming standards as 1UP.com, Electronic Gaming Monthly, Games for Windows, and PC Magazine.

If approved by the court, the company will be tasked with restructuring its finances. An ad hoc noteholder group is planning to pay up to $24.5 million to keep Ziff Davis afloat during the Chapter 11 case.

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"Not to be insensitive, but that "Get rid of debt NOW!" ad on the side there is killing me. "
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